Year 2024 - Looking Forward to Change
Here are some of the tax changes for 2024. Keep watching this space for updated tax information:
Taxes • Accounting • Advisory • Assurance
Income Tax Rates for Individuals for Year 2024
| Tax Bracket | Unmarried | Married Filing Jointly | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 10% | $0-$11,600 | $0-$23,200 | $0-$16,550 | $0-$11,600 |
| 12% | $11,600-$47,150 | $23,200-$94,300 | $16,550-$63,100 | $11,600-$47,150 |
| 22% | $47,150-$100,525 | $94,300-$201,050 | $63,100-$100,500 | $47,150-$100,525 |
| 24% | $100,525-$191,950 | $201,050-$383,900 | $100,500-$191,950 | $100,525-$191,950 |
| 32% | $191,950-$243,725 | $383,900-$487,450 | $191,950-$243,700 | $191,950-$243,725 |
| 35% | $243,725-$609,350 | $487,450-$731,200 | $243,700-$609,350 | $243,725-$365,600 |
| 37% | >$609,350 | >$731,200 | >$609,350 | >$365,600 |
FICA 2024 (6.2%) maximum wage limit increases to $168,200 from $160,200 for 2024, an increase of $8,400 from 2024. There is no Medicare (1.45%) maximum wage limit for 2024. Starting 1/1/2013, a 0.9 percent Additional Medicare Tax applies to all wages that exceed $200,000 ($250,000 for joint return filers and $125,000 for married filing separately filers).
Standard Deduction Amounts for year 2024
- MFJ & Surviving Spouses – $29,200
- HH – $21,900
- Single – $14,600
- MFS – $14,600
Plus Over 65 or Blind Deduction
for year 2024
- Over 65 or blind MFJ, HH may deduct an additional $1,550.
- Over 65 or blind unmarried, not a surviving spouse taxpayers may deduct an additional $1,950.
Long-term Care Premiums deducted as medical care for year 2024
- Age <41………………….$ 470
- Age >40 but <51……….$ 880
- Age >50 but <61……..$1,760
- Age >60 but <71……..$4,710
- Age >70………………..$5,880
Standard Mileage Rates for year 2024
1/1/2024 – 12/31/2024
- Business …………….. $.67/mi.
- Charitable …………… $.14/mi.
- Medical ………………. $.21/mi.
- Moving ……………….. $.21/mi.
You can also check some of the other sections of this website for a brief history of past tax changes. Contact us at 301-649-1600 or 703-269-3918 to get all the answers you need.
